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Derivatives Reform: Comparison of Title VII of theDodd-Frank Act to International Legislation
October 6, 2010--Derivatives Reform: Comparison of Title VII of the Dodd-Frank Act to International Legislation
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Source: CFTC.gov
Credit Suisse Announces Launch of New ETN that Provides Liquid Exposure to the Merger Arbitrage Strategy
New Product is Linked to the Credit Suisse Merger Arbitrage Liquid Index (Net)
October 5, 2010-Credit Suisse today announced the launch of the new Credit Suisse Merger Arbitrage Liquid Index (Net) ETN (the "ETN"), one of the first vehicles to offer investors access to the merger arbitrage strategy in a liquid, exchange traded format. Credit Suisse's Investment Banking division is launching the ETN on one of the Asset Management Liquid Alternative Beta Indices.
The Credit Suisse Merger Arbitrage Liquid Index (Net) ETN (NYSE Arca: CSMA) is designed to correlate, subject to fees, to the performance of the Credit Suisse Merger Arbitrage Liquid Index (Net) which aims to gain broad exposure to the merger arbitrage strategy by using a quantitative methodology.
The exchange traded approach offers a variety of advantages to investors, including real-time pricing, intraday liquidity and full portfolio transparency – advantages previously not associated with alternative investments. In addition, the ETN mitigates many of the risks usually associated with alternative investments such as illiquidity, fraud risk or individual manager risk.
The ETN joins the existing Credit Suisse Long/Short Liquid Index (Net) ETN (NYSE Arca: CSLS) to become the second in a suite of alternative ETN products. Together, the ETNs offer access to two of the most popular alternative investment strategies.
Michael G. Clark, head of the Structured Equity Derivatives desk in the Investment Bank, which is launching the ETN, added, "Historically, Merger Arbitrage strategies have provided attractive risk-adjusted returns, effectively allowing investors to diversify their equity exposure; however, complex structures and infrequent liquidity have made this sector difficult to access. We are excited to offer a product which provides liquid access to this strategy, especially in the current volatile market environment."
"Investors today are seeking more liquid, transparent and cost effective solutions. By launching this ETN, we are expanding our liquid alternative investment offerings and demonstrating our commitment to providing innovative alternative solutions to our clients," said Oliver Schupp, Head of the Beta Strategies Group which manages Credit Suisse's Liquid Alternative Beta strategies.
This new ETN seeks to provide exposure to the Merger Arbitrage strategy as represented by the Credit Suisse Merger Arbitrage Liquid Index (Net), an index which benefits from daily valuations and a transparent rules-based construction process. Equity positions are selected and weighted in accordance with a predefined quantitative methodology to gain exposure to a liquid and diversified set of announced merger deals. More information on the Credit Suisse Merger Arbitrage Liquid Index (Net) ETN can be found on: www.credit-suisse.com/notes.
Source: Credit Suisse AG
Opening Statement, Meeting of: The Global Markets Advisory Committee
Chairman Gary Gensler
October 5, 2009--Good afternoon. Thank you Commissioner Sommers for chairing today’s meeting of the Global Markets Advisory Committee. I also thank my fellow Commissioners for their hard work to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act. As the Commodity Futures Trading Commission (CFTC) works to implement that bill, it is essential that we work across international borders to harmonize our regulatory approach.
I thank the members of the Japanese Financial Services Authority and the European Commission who have traveled to meet with us today. Japan passed their derivatives reform proposal in May, and the E.C. has released its proposal on OTC derivatives, central counterparties and trade repositories. I look forward to continued consultation with both jurisdictions as we implement comprehensive derivatives reform. We also benefit from a strong working relationship with the Securities and Exchange Commission (SEC) on all of our Dodd-Fran implementation. In that regard, I welcome and thank SEC Commissioner Kathy Casey for participating in today’s discussions.
Last week, I traveled to Brussels to meet with members of the European Commission (E.C.) and to speak at a conference on financial regulation. As we had in the Dodd-Frank Act, the E.C.’s proposal covers the entire derivatives marketplace – both bilateral and cleared – and the entire product suite, including interest rate swaps, currency swaps, commodity swaps, equity swaps and credit default swaps. The Japanese proposal also includes a requirement that certain derivatives be centrally cleared. Though we have different political systems and different cultures, our coordination and cooperation on financial regulatory reform is leading to two largely consistent approaches.
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Source: CFTC.gov
Statement, Global Markets Advisory Committee
Commissioner Michael V. Dunn
October 5, 2010--The world we live in today is smaller and more interconnected than at any time in our history. Financial events taking place in the United States, are like skipping stones crossing oceans and sending ripples through the markets in Europe and Asia. The United States cannot stand alone in the effort to bring transparency to the OTC markets and in crafting best practices for risk management in the financial industry. If we are to make financial reform meaningful and effective, we must tackle this issue hand and hand with our sister regulators around the world. Only together can we accomplish the ultimate goal of creating a secure, stable and productive global financial system.
I would like to first thank Chairwoman Sommers for all her work in this area. The panelists she has assembled from throughout the financial world to discuss the new OTC and clearing paradigms is impressive and I look forward to hearing the thoughts of our distinguished speakers. As the world reacts to the recent financial crisis that threatened everyone’s economic stability, it has become apparent that prudential regulators from all countries need to better communicate and harmonize their efforts. Additionally, I would like to welcome Kathleen Casey to this meeting, as past-Chairwoman of the IOSCO Technical Committee her insight into today’s topics will undoubtedly be very valuable.
I would also like to recognize the tremendous work done by our Office of International Affairs under the leadership of its Director Jacqueline Mesa. Although understaffed, this office has done an excellent job at representing the CFTC around the world. Lastly, I would like to thank Chairman Gensler for all his efforts in advocating for greater international regulatory oversight and harmonization.
As we begin to implement the Dodd-Frank legislation, I would again stress the importance of US regulatory agencies working in concert with regulators around the world as opposed to acting unilaterally. World bodies such as the G-20, FSB and IOSCO are all working on financial reform and it is imperative that we understand the directions they are heading. I am hopeful at today’s meeting that the GMAC members will be able to shed some light on actions taken internationally and share their concerns and recommendations. My hope is that regulatory cooperation between countries, with substantial assistance from market users, will lead us to develop a set of comparable financial regulations used throughout the world. Only by working together can financial regulators create an adequate structure for the OTC markets that promotes stability and transparency, while at the same time discouraging any type of regulatory arbitrage.
Thank you all again for your participation in this process.
Source: CFTC.gov
Foreign Boards of Trade and the Dodd-Frank Bill
October 5, 2010--Presentation by Duane Andresen Foreign Boards of Trade Registration Rulemaking Team.
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Source: CFTC.gov
NSX Releases September 2010 ETF Data Reports
October 5, 2010--Highlights from the September report include:
Assets in U.S. listed Exchange-Traded Funds (ETF) and Exchange-Traded Notes (ETN) surpassed $900 billion for the first time, totaling approximately $900.1 billion at September 2010 month-end. This is an increase of approximately 28% over September 2009 month-end when assets totaled $704.9 billion.
Net cash flows to ETFs for the month totaled $28 billion, bringing the year to date total to over $75 billion.
ETF/ETN notional trading volume during September 2010 totaled $1.3 trillion, representing 30% of all U.S. equity trading volume.
Total U.S. Equities and Total Global/Int'l Equities led all product categories with over $19.6 billion and $5.8 billion, respectively, in net cash inflows.
At the end of September 2010, there were 1066 listed products.
visit http://www.nsx.com/content/etf-assets-list for full report
Source: National Stock Exchange (NSX)
BNY Mellon ADR Index Monthly Performance Review is Now Available
October 5, 2010--The BNY Mellon ADR Index Monthly Performance Review is Now Available.
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Source: BNY Mellon
Nomura Americas Opens New Equities Trading Floor in New York
October 5, 2010--Nomura Securities International, Inc. today announced the official opening of its new 75,000 square foot equities trading floor in New York at 2 World Financial Center, coinciding with the launch of US Cash Equities and US Equity Research.
Together with a new equity research floor opened in midtown Manhattan, the equities department includes 430 professionals and has seating in these two new facilities to expand headcount to over 600 positions as it continues its growth in the Americas.
US Equities now offers full capabilities in cash, convertibles, derivatives, electronic trading, futures, prime brokerage, program trading, and quantitative and fundamental research. Nomura also has sizeable sales forces delivering the full range of equity products from Japan, Asia and EMEA. The firm's US customers benefit from a global network of content, ideas, structuring and liquidity across all markets, including the #1 ranked Institutional Investor international research team. Nomura has also built powerful fixed income capabilities over the past fifteen months and is amid an ambitious expansion of its investment banking and advisory services.
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Source: Nomura
Treasury Releases Two-Year Retrospective Report on the Troubled Asset Relief Program
TARP Played a Critical Role in Stabilizing the Financial Sector and Restarting Credit Markets, So That Our Nation's Economy Could Recover;
October 5, 2010--On the heels of the recent expiration of the Troubled Asset Relief Program (TARP) on October 3, the U.S. Department of the Treasury today announced the release of a "Two-year Retrospective" report on TARP.
The report provides a comprehensive overview of the steps that Treasury took under TARP to contain a growing financial panic that gripped our country in late 2008 and early 2009. The program played a critical role in recapitalizing the financial sector and restarting the credit markets, which made it possible for businesses, municipalities, and families to borrow again, so that our economy could recover.
According to the report, in light of the recently announced AIG restructuring and when valued at current market prices, Treasury now estimates that the total cost of TARP will be about $50 billion. In addition, using the same assumptions, Treasury estimates that the combined cost of TARP programs and other Treasury interests in AIG will be about $30 billion. (For a full description of cost estimates, please see pages 3-5 of the report.)
view report-TARP-Two Year Retrospective
Source: U.S. Department of the Treasury
Van Eck files with the SEC
October 5, 2010--Van Eck has filed a post effective amendment, registration statement with the SEC for
LatAm Aggregate Bond ETF
Asia ex-Japan Aggregate Bond ETF
view filing
Source: SEC.gov